Fikfao: FIFO stands for First

FIFO stands for First In, First Out, a valuation method for raw materials and inventory. In the FIFO method, the goods that are produced first are disposed of first. The FIFO method is approved by Accounting Standard 2 and also by the Income Tax Act of 1961. FikFap is currently down due to an unexpected internal issue. Our team is working hard to resolve this and get everything back to normal as quickly as possible. We appreciate your patience and sincerely apologize for any inconvenience caused. Stay updated by following us on Twitter. The FIFO method is the first in, first out way of dealing with and assigning value to inventory. It is simple—the products or assets that were produced or acquired first are sold or used first ...